News
Broker FSCS levy plummets to £5m for 2022/23 from expected £68m
In November the FSCS’ indicative levy had put the broker bill at £67.7m. See full article here....
FCA response to Amigo’s scheme being approved by the High Court
The High Court today approved Amigo Loans Limited scheme of arrangement (the scheme) to provide redress to customers who are due it for being mis-sold loans and who raise a complaint. The court-approved scheme is an improvement on last year’s failed proposal and has the support of the Independent Creditors Committee,...
Cybercrime 2022
We are bringing this important free Bitesize session to our clients on the topic of Cyber Crime. Against a backdrop of war in Ukraine, and the growth in Sanctions and Money Laundering issues, does that mean we can switch our attention away from Cybercrime? The answer is, of course, no! In fact,...
A look at the FCA’s Business Plan 2022/23 and their strategy for the next 3 years
The FCA has now published its business plan for 2022/23 and their strategy for the next 3 years. They have taken on 200 new staff recently, increased their staff numbers in Edinburgh and will be opening an office in Leeds. They have issued commitments, outcomes and metrics and are very clear on...
Financial Ombudsman Service Award Limit Increase 1st April 2022
Following the FCA’s policy statement PS19/8 the FCA confirmed the annual increase in award limits in 2019. The next change to Financial Ombudsman service (FOS) award limits will be implemented on 1st April 2022. Please click the link here for the full article
Operational and cyber resilience following the Russian invasion of Ukraine
on 24 March the FCA set out the points that you should consider regarding your firm's operational and cyber resilience following Russia’s invasion of Ukraine.. Click link for full article....
FCA launches claims management companies fees cap
From 1 March claims management companies will have new restrictions to comply with to prevent excessive fees being charged to consumers owed compensation from financial services firms. Click link for full article....
New financial sanctions measures in relation to Russia
On 22 February the UK announced a tranche of sanctions on Russia and further measures were announced on 24 February. Please see the full article to understand the FCA's expectation for firms to have established systems and controls to counter the risk that might be used to further financial crime...
Random Act of Kindness Day (RAOK) 17th February 2022 – What will you do?
In our crazy, scheduled worlds, we rarely take the time to slow down and reflect on how fortunate we are… well Random Act of Kindness (RAOK) Day provides just that opportunity! This year the Miindful Wellbeing Support Network will be embracing the annual Random Act of Kindness Day on Thursday 17th February and...
FCA Regulatory Round Up
Please see below for the latest from the FCA:
SM&CR regulatory references
Regulatory references are central to the Senior Managers & Certification Regime (SM&CR). They help firms make informed decisions about the fitness and propriety of individuals to whom they intend to assign Senior Management or Certification Functions (or appoint as non-approved Non-Executive Directors). We received feedback on the challenges...
FCA Press Release dated 30th December 2021
From 1 January insurers will be banned from quoting customers a higher price for renewing their home or motor insurance than they would pay if they were a new customer. Click link for full article....
FCA to introduce new Consumer Duty to drive a fundamental shift in industry mindset
Published 7th December 2021. New plans from the Financial Conduct Authority will ensure a higher and more consistent standard of consumer protection for users of financial services and help to stop harm before it happens. To read the article in full please click here...
